A ship named Ville D'Aquarius is docked at the Port Newark container terminal, Wednesday, June 27, 2012, in Newark, NJ. (AP Photo/Julio Cortez)

(Newser)
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Purchasing Managers' Index reports from Asia and Europe—a critical economic indicator—showed big drops in June, in a strong sign that the economies of Europe and the US could be weaker than thought, the Guardian. Despite European leaders agreeing on a bank bailout scheme last week, Europe's PMI was just 45.1 for a second month in a row (anything below 50.0 indicates a decline), tied for the lowest since June 2009. Greece had the lowest PMI in Europe at 40.1, but Spain's 41.1 was its worst rate in 37 months, and Germany's 45.0 was its worst in 36 months. Great Britain, on the other hand, rose to 48.6 from 45.9, still in decline but closer to expansion.

In China, the PMI fell to 48.2 from 48.4, reaching the lowest point in seven months, reports Reuters. Even the Chinese government-issued PMI, generally more upbeat than private measurements, fell to 50.2, also a seven-month low. "The further decline in the output, new orders, new export orders components suggests that the China economy still faces downside risks in the near term," said a JPMorgan economist in Hong Kong. Japan also fell into negative territory, with 49.9, and South Korea and Taiwan also reported reported a fall in overseas orders.

We all must pay for the "They have Weapons of Mass Destruction" lie that we printed endless money for. China, Japan, and Europe included. Then again China will just ignore our laws and dump steel and other manufactured goods on our shores to let our greedy politicians to fight over.Really helps any unemployment problems in China that might arise during what might be a rumour of hard times. This happens while American Manufactoring comes to a permit close because we are too smart a country to make money making things, we just make money by stealing from those who can less afford it, then shuttling it around Wall Street. Always works for awhile then go ask for a bailout. As long as we get our new 32" TV at BoxMart for $199 instead of $229 hell with all the rest of this reality bullshit.